Pandemic has helped us realize that we are nothing but humans and humans can only live but control. It has left us in chills and stuck between the present and the future. We are trying to be safe and sound mentally, physically, emotionally, financially, and socially. There are people who are approaching this in a better way and there are people who are trying to approach it in a decent way. In such a condition where surviving is a task, how would a person live?
In a situation which barely lets people eat meals twice a day, how do we even think of eating luxury meals? People had already taken loans, and no matter what they are liable to pay them off. Though this being the rule, it is not practically possible. One cannot pay loans when there is no employment or an income source. Keeping this in mind, the RBI has introduced some facilities for personal loan holders.
The RBI has announced the concept of a moratorium on the 27th of March 2020. Moratorium basically means to hold or put a pause on something. Thus, in reference to a personal loan, it means to hold the EMIs of it. RBI knows the struggle that is faced by the common man to meet the basic and daily needs. Thus, this step was taken to avoid a fierce financial impact and ease the pressure off his/her shoulder. It states that the banks will have to give their customers a probation period of three months to pay the loan.
For example, if you have taken a loan from the Bandhan bank personal loan scheme, you are liable to pay the interest rates back as per previous rules. Now, according to the new rules and guidelines, you can have a break of three months in the repayment of the loan. This is because of the effects of the pandemic. Earlier it was until May 2020, then the RBI extended it until August 2020.
Even after this, the bank does give moratorium to people. Provided you are eligible for it. Every bank understands the situation of its customers and thus has decided to be quite supportive of it. In fact, HDFC bank had debited the personal loan interest rates of one particular month to every customer too.
All of this makes us believe in the fact that humanity is still alive and breathing well. The scene after the moratorium was better than expected, people knew how to take care of their expenses in order to pay the loans off. There were instances where people began to pay the personal loan interests along with the moratorium charges. This being said, the financial situation began picking its pace.
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